Indian Oil Corporation (IOCL) plans to invest Rs 5,215 crore in building one GW of renewable energy capacity including standalone ground-mounted solar projects, or standalone onshore wind or wind-solar hybrid projects.

The company’s board has approved the investment plan, stating that the projects will be implemented by IOCL’s proposed wholly-owned subsidiary engaged in low carbon, new, clean and green energy businesses. Additionally, equity investment of Rs 1,303.75 crore in the subsidiary was also approved.

Last month, the company proposed formation of a new subsidiary in the green energy segment in view of its net-zero targets in operational emissions. The formation of the new subsidiary is subject to the approval of NITI Aayog, DIPAM and other government agencies. The move comes amidst IOCL’s diversification into RE projects and electric vehicle segment.

The company, in its new venture, plans to offer EV charging facilities at 10,000 fuel stations and has also rolled out EV battery-swapping facilities in the National Capital Region (NCR).